Dangote, other marketers adjust petrol price to N823 per litre – Reports

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Three major operators in Nigeria’s downstream sector – Dangote Petroleum Refinery, Aiteo, and AA Rano – have adjusted the depot prices of Premium Motor Spirit (PMS), also known as petrol, to N823 per litre from N821 per litre. This change follows a rise in crude oil prices to $67 per barrel from $65 per barrel in the international market.

According to Olajide Jeremiah, Chief Executive Officer of (link unavailable), “We are witnessing frequent adjustment of depot prices for some reasons. These include the low crude oil prices and also competition among downstream players in Nigeria. The market would continue to record more price adjustments in the coming weeks as new changes occur in the global oil market.”

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The pump prices of petrol remain unchanged for now, but may be adjusted this week if the market situation persists. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted that the domestic market remains dynamic and responsive to developments in the global market.

Gillis-Harry emphasized the importance of increased and stable supply, while calling for the privatization of government-owned refineries. “Full privatization with participation of grassroots stakeholders such as PETROAN, Major Energy Marketers Association, MEMAN, and others remains the real solution.”

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Meanwhile, Dangote Petroleum Refinery has concluded plans to increase its capacity by 7.7% to 700,000 barrels per day (bpd) from the current 650,000 bpd. The refinery’s operations have already altered the previous flows of petroleum products, mainly from Europe and other markets, to Nigeria and Africa.

The refinery’s production has freed up gasoline volumes in global markets, prompting the need for new destination markets and adjustments in the flow of gasoline. This has led to declining petroleum product imports into Nigeria and affected Europe’s gasoline inventory levels, with the Organisation of Petroleum Exporting Countries (OPEC) noting that the Dangote Refinery’s production and exports will likely weigh further on the European gasoline market.

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